PERILS increases European windstorm Xaver loss estimate to €759m

PERILS AG, the Swiss-based provider of industry-wide European catastrophe insurance exposure, industry loss data and indices, has disclosed its third industry-wide insured loss estimate for European windstorm Xaver, increasing it from €727m to €759m.
European windstorm Xaver struck Western and Northern Europe on the 5th and 6th December 2013, with the bulk of the losses caused by the storm occurring in Denmark, Germany, Norway, Sweden, the Netherlands and the UK. Windstorm Xaver is also known as Sinterklaasstorm in the Netherlands, Bodil in Denmark and Sven in Sweden.

In line with reporting procedures PERILS released its third estimate for the market-wide insured losses caused by Xaver this morning, reporting a small increase to €759m (approximately $1.035 billion or £617m).

Being the third scheduled loss estimate the data on Xaver is now available at a more granular level. The market loss data from this third loss report is available at a higher level of granularity, with losses per CRESTA zone (two-digit postcode level) and per property line of business.

The granularity of the data now available to PERILS subscribers means that in combination with gust speed data and PERILS market sums insured, the windstorm Xaver loss footprint can be used to validate European wind risk models with actual data.

In line with PERILS reporting schedule the fourth loss estimate for European windstorm Xaver will be made available on the 5th December 2014.